Effective light absorption, charge separation of electron–hole pair carriers or excitons, and quick transport and charge extraction to prevent recombination processes are all necessary for solar energy conversion using semiconductors to create photovoltaic systems. The permanent electrical polarization that ferroelectric materials can support allows for control over the distribution of electrical fields in both bulk and interfacial areas. The physical concepts and methods of solar energy conversion employing ferroelectric semiconductors and contact layers are critically reviewed in this article, along with the primary accomplishments to date. Real materials, on the other hand, exhibit a depolarization field, smooth polarization termination, and interfacial energy barriers that give switchable spontaneous polarization control over the interface and bulk electric field (Aggarwal et al. in Pyroelectric materials for uncooled infrared detectors: processing, properties, and applications. NASA, p 3 (2010); Aldred et al. in Phys Rev B 11:530–544, 1975; Assadi and Hanaor in J Appl Phys 113(23):233913–1–233913–5, 2013; Ascher in J Appl Phys 37:1404–1405, 1966). We investigate many phenomena such as depolarization fields, vacancy migration, polarization-modulated Schottky-like barriers at metal/ferroelectric interfaces, and the switchable rectifying behavior of ferroelectric thin films. This article talks about brief introduction definitions, developments, material details and applications of multiferroics. We also review perovskite multiferroic materials for sensors and transducers.